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Veterans from the state of Texas can take advantage of the texas veteran home loan program. Texas Veteran home mortgages are one of three assistance programs available through the Texas Veterans Land Board. Unlike the Veterans Administration, the Texas Veterans Land Board (VLB) is operated by the State of Texas for the purpose of providing Texas Veterans home loan assistance. The Veterans Land Board can not only guarantee a loan, it can directly originate a loan if the maximum loan amount borrowed is $45,000 or less. For those loans which are over the $45,000 amount, the VLB will secure an outside lender to cover the loan – up to $325,000.
One of the differences between the Texas veterans home mortgage and the Veterans' Administration loan guarantee program is that the Veterans' Land Board can offer three different types of loans. In addition to the VLB Housing Assistance Program, which is designed to cover the cost of building a new home or purchasing an existing home, the VLB offers two other loan types.
The first is the land loan, which provides funding to purchase land. In this case, the Texas Veterans Land Board (VLB) will purchase the tract of land in which you are interested, then resell the land to you. Once the land loan is paid off, the deed will be transferred to you. The third loan type is the home improvement loan. The Texas Veterans Land Board (VLB) will lend eligible Texas veterans up to $25,000 for up to 20 years on an FHA insured, fixed-rate note to make substantial repairs to their existing primary residence. Unique to the VLB, Texas veterans can use all three Texas veterans' loan programs at one time. This multiple eligibility simply means you can receive a land loan and a housing loan and a home improvement loan. These loans are not affiliated with the Veterans Administration programs and have no effect on your eligibility for VA Loan guaranty programs. Consequently, even if you have used your VA home loan entitlement, you may still benefit from the Texas Veteran Home Loan offerings. The Texas Veteran Home Loan program has been in existence since 1946, but less than 2,000 veterans take advantage of it each year. When it comes time to buy that new home or remodel the one that you have, make sure you are dealing with people who understand the needs and the resources associated with VA and Texas Veterans home loans.
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